Data has become a valuable asset for businesses in today’s digital age. From customer information to financial records, companies rely on data to make informed decisions and drive growth. However, this reliance on data exposes companies to various risks, including cyber threats and data breaches, affecting customer trust and their bottom line.
Protecting company data is essential, especially those related to customers and confidential business information. Here’s how to protect customer data and classified company matters for a smooth-running business.
4 Trending Technologies to Protect Company Data
Artificial intelligence provides advanced capabilities to defend against evolving cyber threats, revolutionizing how businesses protect their data. Firstly, AI-powered systems leverage the power of machine learning algorithms, helping companies analyze and process vast amounts of data and detect patterns and signs of potential security breaches in real-time.
For example, companies can use AI to conduct online behavioral analysis. This process can help them identify differences from standard patterns, alerting security teams to potential insider threats or compromised accounts. Moreover, AI can minimize the impact of security breaches through automated incident response workflows.
2. Blockchain technology
Originally introduced as the foundation of cryptocurrencies, blockchain technology has become more popular than ever for its potential in data protection. It’s a decentralized and tamper-proof digital ledger that records and stores data across multiple nodes in a network.
Its immutability is an essential characteristic that encourages businesses to use it for data security. Each data transaction recorded on the blockchain is encrypted and linked to the previous transaction, creating a chain of blocks. Once a block is added to the chain, altering or tampering with the stored data becomes extremely difficult.
More than that, blockchain operates on a distributed network of nodes. It reduces the risks of single points of failure since participants can have a copy of the entire blockchain. Cyber attackers will need to get a hold of most of the network’s nodes to do any damage, which is highly impractical and resource-intensive.
The data on the blockchain may be transparent and visible to all participants. However, the identities associated with the data can be pseudonymous or anonymized. In other words, companies can store sensitive information on the blockchain without directly revealing the identities of individuals or entities involved.
3. Multifactor authentication
Implementing multifactor authentication (MFA) in a company’s security strategy provides additional barriers against unauthorized access. It adds complexity to the authentication process, making it significantly more challenging to breach security measures. This technology requires users to provide multiple verification forms before accessing sensitive information or systems.
Passwords are often the weakest link in security. They can be guessed, stolen, or compromised through various means, including phishing attacks or data breaches. Instead of relying solely on traditional username and password combinations, MFA requires additional factors like biometric data or tokens.
For example, users can add facial recognition, fingerprint, or voice imprints to add another layer of security to their data. Typically, these biometrics are difficult to “copy,” unlike passwords. So if someone guesses or gets a hold of a user’s password, the attacker will still need to provide these extra authentication factors before they can access company data.
4. Secure cloud storage
Increased cloud computing adoption has prompted companies to rely heavily on secure cloud storage technologies to safeguard their data. As such, cloud storage providers have stepped up their data security game to meet these demands. To ensure confidentiality and integrity, they’ve started implementing robust security measures—including encryption, access controls, and data redundancy.
So what do these security measures offer for data protection?
This technique protects data at rest and in transit. Only authorized users with appropriate decryption keys can access the information stored within.
- Access control
This security measure employs authentication and role-based access control, regulating data access and manipulation.
- Data redundancy
Cloud vendors implement data redundancy and backup strategies to protect against data loss, allowing companies to access their data when needed.
Companies can use cloud storage solutions to benefit from scalable and highly available storage infrastructure while maintaining strict security standards.
4 Best Practices for Data Security
1. Backup your data regularly
A robust data backup strategy can ensure the availability and recoverability of critical business data in case of breaches. As such, consider periodically backing up data to on-site and off-site locations using reliable storage solutions. Regularly test and verify backups to identify any issues and ensure you can restore data after security incidences or data loss.
2. Implement access controls and privilege management
Preventing unauthorized access helps secure data, especially for companies handling sensitive customer information. Take call centers, for example. They hold vast amounts of sensitive customer data, which makes them a likely target for many cyber-attacks. As such, data privacy in call centers is a must—and taking a proactive approach can help.
First, enforce the principle of least privilege, ensuring that employees have access only to the data and systems necessary for their roles. Regularly review and update access rights to align with employees’ changing responsibilities. Additionally, remember to revoke access promptly when employees leave the organization.
3. Develop a robust incident response and recovery plan
Preparing for potential data breaches or cyber incidents is still necessary despite the best preventive measures. Create a comprehensive incident response and recovery plan and outline the steps to take in the event of a security breach. Moreover, define roles and responsibilities, establish communication channels, and conduct regular drills to test the plan’s effectiveness.
A well-prepared and practiced incident response plan can minimize the impact of security incidents and facilitate swift recovery.
4. Conduct employee training on cyber security
Besides implementing technologies, make employees aware of cyber security measures, signs of potential breaches, and the like to strengthen data security.
Hold training sessions to educate your staff about best practices on cyber security. Include modules for creating strong passwords, identifying phishing emails, website security, and exercising caution when sharing sensitive company information. Raising employee awareness on these matters can help them proactively defend against cyber threats.
Fortifying Your Data Defenses
Protecting company data from cyber threats is necessary for today’s digital landscape. With the ever-increasing frequency and complexity of cyber attacks, you must prioritize your organization’s cybersecurity to safeguard your valuable assets and maintain the trust of your customers and stakeholders. In effect, you can strengthen your safety online and ensure your longevity in a digital world.